AGZD vs. FIAX

Last updated Jun 26, 2026

AGZD (WisdomTree Interest Rate Hedged U.S. Aggregate Bond Fund) and FIAX (Nicholas Fixed Income Alternative ETF) are both Nontraditional Bonds funds. AGZD is passively managed, while FIAX is actively managed. Over the past 3 years, AGZD returned 5.76%/yr vs 3.47%/yr for FIAX. At a 0.04 correlation, their price movements are largely independent. AGZD charges 0.23%/yr vs 1.04%/yr for FIAX.

Performance

AGZD vs. FIAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in WisdomTree Interest Rate Hedged U.S. Aggregate Bond Fund (AGZD) and Nicholas Fixed Income Alternative ETF (FIAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AGZD achieves a 2.24% return, which is significantly higher than FIAX's 1.58% return.

AGZD

• 1D: -0.02%
• 1M: -0.37%
• YTD: 2.24%
• 6M: 2.20%
• 1Y: 5.40%
• 3Y*: 5.76%
• 5Y*: 4.31%
• 10Y*: 3.22%

FIAX

• 1D: 0.06%
• 1M: 0.39%
• YTD: 1.58%
• 6M: 1.46%
• 1Y: 4.36%
• 3Y*: 3.47%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

AGZD vs. FIAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
AGZD WisdomTree Interest Rate Hedged U.S. Aggregate Bond Fund	2.24%	4.35%	6.64%	7.15%	0.57%
FIAX Nicholas Fixed Income Alternative ETF	1.58%	2.33%	4.67%	3.44%	-0.37%

Correlation

The correlation between AGZD and FIAX is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.13
Correlation (3Y) Calculated over the trailing 3-year period	0.06
Correlation (All Time) Calculated using the full available price history since Nov 30, 2022	0.04

Return for Risk

AGZD vs. FIAX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

AGZD

AGZD Risk / Return Rank: 81
AGZD Sharpe Ratio Rank: 69
AGZD Sortino Ratio Rank: 73
AGZD Omega Ratio Rank: 73
AGZD Calmar Ratio Rank: 96
AGZD Martin Ratio Rank: 93

FIAX

FIAX Risk / Return Rank: 36
FIAX Sharpe Ratio Rank: 32
FIAX Sortino Ratio Rank: 32
FIAX Omega Ratio Rank: 32
FIAX Calmar Ratio Rank: 41
FIAX Martin Ratio Rank: 46

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

AGZD vs. FIAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WisdomTree Interest Rate Hedged U.S. Aggregate Bond Fund (AGZD) and Nicholas Fixed Income Alternative ETF (FIAX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	AGZD	FIAX	Difference
Sharpe ratio: Return per unit of total volatility	1.92	1.07	+0.86
Sortino ratio: Return per unit of downside risk	2.85	1.57	+1.28
Omega ratio: Gain probability vs. loss probability	1.37	1.20	+0.18
Calmar ratio: Return relative to maximum drawdown	7.41	1.82	+5.58
Martin ratio: Return relative to average drawdown	21.64	6.64	+15.00

AGZD vs. FIAX - Sharpe Ratio Comparison

The current AGZD Sharpe Ratio is 1.92, which is higher than the FIAX Sharpe Ratio of 1.07. The chart below compares the historical Sharpe Ratios of AGZD and FIAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

AGZD vs. FIAX - Drawdown Comparison

The maximum AGZD drawdown since its inception was -8.46%, which is greater than FIAX's maximum drawdown of -6.26%. Use the drawdown chart below to compare losses from any high point for AGZD and FIAX.

Drawdown Indicators

	AGZD	FIAX	Difference
Max Drawdown Largest peak-to-trough decline	-8.46%	-6.26%	-2.20%
Max Drawdown (1Y) Largest decline over 1 year	-0.73%	-2.40%	+1.67%
Max Drawdown (3Y) Largest decline over 3 years	-1.71%	-6.26%	+4.55%
Max Drawdown (5Y) Largest decline over 5 years	-2.23%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-8.46%	—	—
Current Drawdown Current decline from peak	-0.60%	-0.04%	-0.56%
Average Drawdown Average peak-to-trough decline	-0.77%	-0.84%	+0.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.25%	0.66%	-0.41%

Volatility

AGZD vs. FIAX - Volatility Comparison

WisdomTree Interest Rate Hedged U.S. Aggregate Bond Fund (AGZD) has a higher volatility of 1.04% compared to Nicholas Fixed Income Alternative ETF (FIAX) at 0.75%. This indicates that AGZD's price experiences larger fluctuations and is considered to be riskier than FIAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AGZD	FIAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.04%	0.75%	+0.29%
Volatility (6M) Calculated over the trailing 6-month period	1.98%	3.38%	-1.40%
Volatility (1Y) Calculated over the trailing 1-year period	2.83%	4.11%	-1.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.60%	4.03%	-0.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.72%	4.03%	-0.31%

AGZD vs. FIAX - Expense Ratio Comparison

AGZD has a 0.23% expense ratio, which is lower than FIAX's 1.04% expense ratio.

Dividends

AGZD vs. FIAX - Dividend Comparison

AGZD's dividend yield for the trailing twelve months is around 4.00%, less than FIAX's 8.20% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AGZD WisdomTree Interest Rate Hedged U.S. Aggregate Bond Fund	4.00%	4.12%	3.96%	6.07%	8.61%	1.66%	2.28%	2.83%	2.62%	2.31%	1.81%	1.66%
FIAX Nicholas Fixed Income Alternative ETF	8.20%	8.17%	8.11%	4.81%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both AGZD and FIAX in my portfolio?

AGZD and FIAX have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AGZD or FIAX?

AGZD has higher volatility (1.04%) compared to FIAX (0.75%). In terms of maximum drawdown, AGZD dropped -8.46% vs FIAX's -6.26%.

Which ETF is better, AGZD or FIAX?

On 3-year performance, AGZD leads with 5.76% vs 3.47% for FIAX. On fees, AGZD is cheaper at 0.23% per year. On volatility, FIAX has been the lower-risk option at 0.75%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AGZD or FIAX?

Over the 3-year period, AGZD has performed better with a 5.76% return vs 3.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AGZD or FIAX?

AGZD is cheaper with a 0.23% expense ratio, compared with 1.04% for FIAX.

Which ETF pays a higher dividend yield, AGZD or FIAX?

FIAX has the higher dividend yield at 8.20%, compared with 4.00% for AGZD.

What is the main difference between AGZD and FIAX?

They also come from different issuers: WisdomTree and Nicholas. Their fees differ too: 0.23% for AGZD and 1.04% for FIAX.

Which has better risk-adjusted returns?

AGZD currently has the higher Sharpe Ratio (1.92 vs 1.07), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.